Data published this morning showed that German Q3 GDP grew at 0.1 per cent taking the annualised rate to 0.5 per cent economic growth (following Q2’s drop); many had pencilled in a slide into recession. Overnight Q3 data for Japan came in at 0.1 on the quarter and 0.6 per cent annualised. Also, overnight Australian data showed that unemployment grew to 5.3 per cent in October and the participation rate dipped to 66 per cent. Likewise, in France Q3 unemployment increased to 8.6 per cent.
The streaming service Disney+ launched yesterday in the US, Canada and The Netherlands and it already has over 10 million subscribers. For comparison, it took HBO over 4 years to reach that number of paying viewers. Disney shares rose 7 per cent yesterday while those of Netflix dipped 3 per cent.
DAX 30
Still overbought and such tiny little candles this week, a second hanging man yesterday with a mini-shooting star between them.
SHORT TERM TRADER: New little short at 13200; stop above 13325. Target 12300.
POSITION TAKER: Square.
FTSE 100
Ever smaller daily ranges form the tiniest triangle.
SHORT TERM TRADER: Short at 7370; stop above 7435. Target 7175.
POSITION TAKER: Square.
S&P 500
Muted cheering as we settle yesterday at a marginally higher record high, while keeping between the upper boundaries of the 2 broadening tops.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Cable’s straightjacket is beginning to get to me.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 1.2950; stop below 1.2750. Target 1.3350.
EURO/US DOLLAR
Still holding Fibonacci 61 per cent retracement support but bearish momentum has increased nevertheless.
SHORT TERM TRADER: Short at 1.1050; stop above 1.1100. Target 1.0930.
POSITION TAKER: Square.
GOLD
Consolidating neatly under the horizontal channel.
SHORT TERM TRADER: Short at 1520; stop above 1500. Target 1440.
POSITION TAKER: Short at 1507; stop above 1520. Target 1440.
